Thatcher v. Salvo

¶1 According to the Default provision of the Residential Real Estate Purchase and Sale Agreement (REPSA), if the buyer “fails, without legal excuse, to complete the purchase of the Property,” the seller is entitled to retain the earnest money deposit.1 The buyer, Michael J. Salvo, appeals the trial court’s decision that the sellers, David and Carol Thatcher, were entitled to retain his earnest money deposit as damages under the Default provision of the REPSA. We conclude the financing contingency in the REPSA provides a legal excuse for Salvo’s failure to complete the purchase, and Salvo’s…